Solana (SOL) has been one of the best-performing assets since the last quarter of 2023 and so far this year. This positive run has sparked several conversations about the altcoin’s bullish potential and its likelihood of significantly surpassing its current all-time high in this cycle.
However, it appears that several crypto enthusiasts are still not convinced about the potential of Solana’s price skyrocketing to new record highs. According to a recent survey by CoinGecko, most investors are betting on the SOL token only growing as high as $300 this cycle.
10% Of Crypto Investors Expect SOL To Reach $1,000: CoinGecko
In its Post-Halving Sentiment Survey, cryptocurrency data aggregator CoinGecko found that crypto enthusiasts are somewhat cautious about Solana’s future price trajectory. This survey, which also spotlighted price predictions on Bitcoin and Ethereum, received responses from over 2,500 anonymous participants.
According to CoinGecko’s findings, 24.9% of crypto participants expect that Solana’s price will only climb as high as $300 in the current cycle. As shown in the chart below, this appears to be the most popular price prediction for the altcoin amongst the crypto crowd. A $300 price top would represent a mere 16% from the current all-time high of $259.
A chart showing Solana price prediction in the current cycle | Source: CoinGecko
Furthermore, the second-most popular prediction was the $300 – $400 range, which was forecasted by about 14.7% of the total participants in the survey. This was followed closely by two prediction classes, including $400 – $500 (12.6% of respondents) and $500 – $600 (12% of respondents).
Notably, about 10.6% of the survey participants predicted that Solana’s price will surpass $1,000 in this current cycle. It would take at least a 900% rally for the SOL token to reach this price target from the current price point.
Solana Price Overview
As of this writing, the price of Solana stands at around $183, reflecting a notable 6.2% climb in the past 24 hours. This one-day performance puts the bulls back in control after what has been a sluggish week for the cryptocurrency.
Moreover, this 24-hour gain only underscores Solana’s impressive run in the past two weeks. Based on data from CoinGecko, the SOL token is up by more than 30% in the last 14 days.
Solana has made history today surpassing Binance Coin to move into the #4 spot in crypto for the 1st time in its 4+ years of trading. Expect the two assets to be in close proximity to one another, but SOL’s +35% growth vs. BNB’s +10% the past 2 weeks gives SOL the momentum. pic.twitter.com/Y9R3Wv5mv1
— Santiment (@santimentfeed) July 26, 2024
Thanks to this positive run of form, Solana made history on Friday, July 26 as it briefly usurped the BNB token as the fourth-largest cryptocurrency by market cap, according to a recent report from Santiment. However, the altcoin has returned to fifth place in the crypto market capitalization rankings.
The price of Solana faces rejection at $185 on the daily timeframe | Source: SOLUSDT chart on TradingView
Featured image from Getty, chart from TradingView
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